 Sam
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Joined: 21 May 2005
Posts: 289
Location: CALIFORNIA
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 Posted: Fri Apr 16, 2004 5:17 pm Post subject: Absentee owner |
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Absentee owner is an individual who does not reside in the property which he personally owns.
Example: Sandy owns a house in Florida, but he does not reside there. Instead, he occupies a rented apartment in San Francisco. Sandy is the absentee owner.
Some absentee owners receive exemption from the law, but they are still required to pay state capital gains taxes. Absentee owners should appoint a CPA or professional tax advisor in order to get their N-288B form prepared. It is this form that documents a capital loss which is to be set off against capital gains or the owner's regular income. |
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